Key takeaways
- BitMine bought 76,881 ETH, raising its holdings to 5.62 million ETH.
- The company now controls about 4.66% of Ethereum’s circulating supply.
- ETH is attempting to hold above $1,800 while facing resistance near $1,900.
BitMine adds nearly 77,000 ETH to its reserve
Ethereum treasury company BitMine Immersion Technologies significantly expanded its Ether holdings last week, purchasing 76,881 ETH during a period of weakness in the broader crypto market.
The acquisition increased the company’s total Ethereum holdings to 5.62 million ETH, valued at approximately $10.35 billion at current prices.
According to BitMine, the position now represents about 4.66% of Ethereum’s circulating supply, moving the firm closer to its stated goal of controlling 5% of the available ETH supply.
Despite lowering its average acquisition cost through continued accumulation during the recent market downturn, BitMine still reports unrealized losses exceeding $9 billion on its Ethereum position.
In addition to its substantial Ethereum holdings, BitMine disclosed ownership of 204 Bitcoin as well as significant equity investments.
The company currently holds 204 BTC, a $180 million stake in Beast Industries, $88 million worth of Eightco Holdings shares, and $502 million in cash and marketable securities.
The sizable cash position was largely funded through a recently completed preferred stock offering.
BitMine recently closed an offering of 3.5 million shares of its 9.5% Series A Perpetual Preferred Stock at $80 per share.
After underwriting fees, commissions, and related expenses, the company generated approximately $273.8 million in net proceeds.
Chairman Thomas Lee described the offering as a strategic move to diversify the company’s balance sheet while maintaining its aggressive Ethereum accumulation strategy.
“The Series A Preferred Stock offering is good balance sheet diversification for BitMine,” Lee said in a statement. He added that projected annual staking rewards of roughly $219 million are expected to provide recurring cash flow to support dividend obligations associated with the preferred shares.
Ethereum technical outlook: Bulls target a break above $1,800
The ETH/USD 4-hour chart is bullish as Ethereum is currently attempting to stabilize after rebounding sharply from levels below $1,600.
While short-term momentum indicators have improved, the asset remains constrained by several layers of overhead resistance.
The Relative Strength Index (RSI) has recovered toward the 67 level, while the Stochastic oscillator continues to move higher, signaling improving momentum but not yet confirming a sustained bullish trend reversal.
If the rally persists, immediate resistance is located near $1,909. Additional supply zones are positioned around $2,018 and $2,107, followed by further resistance at $2,211.
Should bullish momentum strengthen, Ethereum could eventually target higher resistance levels near $2,388 and $2,746.
However, if the bears regain control, traders are closely monitoring whether ETH can maintain daily closes above $1,806. The next major support lies near $1,741.
A breakdown below that level could expose Ethereum to deeper support zones around $1,524 and $1,404, while $1,155 remains a key long-term support level if broader market conditions deteriorate.
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